Iran Cracks Down on Illegal Crypto Mining Farms: Impact and Implications

Iran has shut down over 100 illegal cryptocurrency mining operations across the country, aiming to curb energy consumption and stabilize its grid. This action significantly impacts the Iranian crypto market, resulting in a decline in Bitcoin’s hashrate and reduced trading volume on local exchanges. Tavanir, the state utility responsible for this crackdown, confiscated hundreds of mining machines while Akbar Hasan Beklou leads the effort to curb unauthorized operations. 2-3% drop in global Bitcoin hash rate and a 15-20% decline in Iranian crypto exchange trading volume underscore the significant impact of these closures.